A Pro-Growth Budget is Needed to Help Americans Succeed

February 3, 2017

WASHINGTON, D.C. – Yesterday, the House Budget Committee held a hearing on the Congressional Budget Office’s Budget and Economic Outlook. What’s clear from the report is that economic growth is subpar and that’s hurting millions of Americans. During the hearing, Chairman Diane Black told the story of Chris from her district who is looking for work, and she stated why it’s so important to develop pro-growth policies in the budget that will help people succeed.

Chairman Black said: “To compound these problems, economic growth is set to average at a morbid 1.9 percent over the coming decade, well below the historic average of just over 3 percent. Slow economic growth hurts our country in multiple ways – it means fewer jobs and less opportunity for Americans, and it means smaller paychecks and less financial security for those Americans who do have a job. In fact, more than 5 million Americans are working part-time because they can’t find a full-time job. That means we’ve got welders, computer technicians, nurses, and people in all sorts of industries who want to contribute to our economy, but they’re being let down by the rules and regulations coming out of Washington.

“One of the key symptoms of this subpar economic recovery has been the decline in the labor force participation rate of those in their prime working age. And here’s a story from a gentleman named Chris back in my district in Tennessee. He said he was laid off last year, and in his letter to me he said, ‘I worked at this job for 7 years and I’m a hard worker and have never tried for any government assistance. I’m positive I’ll have a job soon but I’ve been without a paycheck for months now. If I have to wait any more I will have no money for utilities or to support me, my wife, and 7 year old.’

“Now it’s pretty clear that Chris is exactly the type of worker that makes our economy the best in the world, and he’s a good husband and father who just wants to take care of his family. Chris wants to make our country stronger, and it’s our job to help give him that opportunity.”

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One of the best ways to lower the deficit is growing the economy. According to CBO, for every 0.1 percentage point of higher real economic growth, deficit levels could be reduced by roughly $270 billion over the course of 10 years.